OT- something else to piss you off .......

[Don Ferrette]

HOUSTON - Exxon Mobil Corp. on Friday posted the largest annual profit by a U.S. company - $40.6 billion - as the world's largest publicly traded oil company benefited from historic crude prices at year's end.

Exxon also set a U.S. record for the biggest quarterly profit, posting net* income of $11.7 billion for the final three months of 2007, besting its own mark of $10.71 billion in the fourth quarter of 2005.

The previous record for annual profit was $39.5 billion, which Exxon Mobil reported for 2006.

The eye-popping results weren't a surprise given record prices for a barrel of oil at the end of 2007. For much of the fourth quarter, they hovered around $90 a barrel, more than 50 percent higher than a year ago.

Crude prices reached an all-time trading high of $100.09 on Jan. 3 but have fallen about 10 percent since.

The record profit for the October-December period amounted to $2.13 a share versus $1.76 a share in 2006. Year-ago net income was $10.25 billion.

Also extraordinary was Exxon Mobil's revenue, which rose 30 percent in the fourth quarter to $116.6 billion from $90 billion a year ago.

For the year, sales rose to $404.5 billion - the most ever for the Irving, Texas-based company - from the $377.64 billion it posted in 2006.

In a statement, Exxon Mobil Chairman Rex Tillerson said the company continued to meet the world's energy needs through its "globally diverse resource base."

"Our long-term investment program, in projects often far from major consuming nations, continued to provide resources essential to the increasingly interdependent global energy supply network," Tillerson said.

Exxon Mobil produces about 3 percent of the world's oil.

Its shares rose $1.45, or 1.7 percent, to $87.85 in premarket trading.

net* -this means pure bottom line profit after ALL expenses are paid.

In the time it took you to read just the opening sentence Exxon/Mobil will have made more bottom line profit than you will earn working in the next full calendar year.

Just announced- due to the ever increasing level of how badly petroleum companies are giving consumers the shaft, Exxon/Mobil will be installing hand rails & jars of KY jelly at the pumps so it doesn't hurt so bad when it comes time to fill up. <_<

 

[moparbarn]

WRONG, don - you must provide your own "personal lubricant" :lol: :lol: :lol: .

 

[piper_chuck]

From the Daily Mail:

Shell's 'obscene' £13.9billion profit is biggest ever by British company

Shell smashed all-time British company profit records today, posting 2007 earnings of $27.5billion (£13.9billion), and immediately ran into a storm with union leaders, who are demanding the Government hits the oil giant with a windfall tax.

Shell's profit surge - it is now making a staggering $75million (£38million) a day - on the back of a booming oil price that touched $100 a barrel this winter, was labelled as "obscene" by Tony Woodley of Unite, the UK's largest trade union, as Britons struggle with soaring energy costs.

"Shell shareholders are doing very nicely while the rest of us are paying the price and struggling," said Woodley.

"There are no problems with profits, but consumers should question the excessive mega-profits of the oil companies in light of UK companies and hauliers saying they are being pressed on high fuel and energy costs, pensioners struggling to pay energy bills and motorists struggling to fill their petrol tanks."

Shell angrily rejected the claims, arguing that a windfall tax in Britain would be illogical because the vast amount of its business is done around the world.

Shell's Chief Executive Jeroen van der Veer called the profits "satisfactory" as production levels fell for the fifth consecutive year.

Responding to Mr Woodley's attack Mr van der Veer said that in the UK taxes accounted for more than half the cost of petrol at the pumps. "We have no influence over that," he said.

The company also claimed it is as good as matching its annual profits with huge investments - between $24 billion and $25 billion of capital expenditure this year - to find new energy sources.

"We are investing a lot of money to have the energy production to satisfy the energy demand of the world," said finance director Peter Voser.

"We are investing for the future of society so that people can live the life they want. That is our job."

Despite the surge in full-year profits, up 9 per cent from 2006, there was disappointment with the figures in the City.

Analysts had been pencilling in underlying "clean" profits for the fourth quarter of more than $5.8billion, but the figure came in at $5.7 billion.

Upstream production, which accounts for more than half of profits, averaged out at 3.315 million barrels of oil or their gas equivalent a day, just squeezing in to the forecast of between 3.3 million and 3.5 million.

That itself had been a major downgrade from the 3.8 million Shell had previously predicted. The company today said it expected production levels to fall again in 2008.

The biggest issue for Shell is the shutout from wells it has been co-producing in Nigeria - potentially 800,000 barrels a day - where local militia continue to demand that the world's major companies quit the Niger Delta.

Jeroen van der Veer, the chief executive of Royal Dutch Shell, said: "These are satisfactory results. We have made good progress in 2007, launched new projects upstream and downstream, and achieved exploration success."

The fourth-quarter dividend is up 11 per cent at 36 US cents, and the company said it would be increasing this year's first-quarter payout by a similar amount to 40 cents.

 

[Ron Olson]

Yeah, we piss and moan about gas prices but people will go into a store or while at the gas station and buy a 12 oz. bottle of water and spend over a buck for that!

Makes you wonder what the profit margin is on water?

 

[moparbarn]

ron, there is a reason evian (bottled water) is naive spelled backwards :lol: :lol: :lol: ! the most plentiful resource on the planet at prices approaching 10 cents an ounce. pitiful............

 

[robertpickard]

I was on contract for a few years in northern mich doing shells drilling what people dont know is there is enough oil here in usa to keep us going a very long long time they drill hit the oil then cap the well.

 

[Wally Marsh]

Hey thanks alot, Don. I heard it on the news coming into work this morning, now I've got to read about it. Now I'm PO'd x 2. LOL

the going broke Wallster

 

[glenng]

I was on contract for a few years in northern mich doing shells drilling what people dont know is there is enough oil here in usa to keep us going a very long long time they drill hit the oil then cap the well.

I worked for an oil outfit in the 1980's machining prototype steering tools for directional drilling-same story then. Leave the oil in the ground till prices get high.

 

[Scott Wadlow]

WRONG, don - you must provide your own "personal lubricant" :lol: :lol: :lol: .

but just in case you forget your own,for a small fee you will be able to buy it from a vending mounted next to each pump and no doubt the lube will be made by Exxon/mobile. :blink: :blink: :huh:

 

[Russell Bear]

Profit or not, it's capitalism. Wasn't that a good thing at some point? Why is it such a bad thing now? You woudn't start a business to not make a profit. I understand that some companies may "look" bad but heh, they fund the paychecks.

 

[piper_chuck]

Profit or not, it's capitalism. Wasn't that a good thing at some point? Why is it such a bad thing now? You woudn't start a business to not make a profit. I understand that some companies may "look" bad but heh, they fund the paychecks.

Perhaps because it's now bordering on a monopoly, which most agree is a bad thing. Gas stations used to compete with each other on price. When one dropped their prices, others followed suit. Now it's the opposite, if one raises prices, the others all breathe a sigh of relief and raise theirs too. Also, at least one distributor in this area has been forcing stations to set the prices they choose. One station lowered the prices below what the distributor told them was acceptable. The distributor warned the station and when the owner didn't comply, they pumped out his tanks and put locks on his pumps. There was no contract saying the station had to follow the distributor's price "suggestions", they just strong armed him to protect their high profits. One has to wonder how much of this is going on that we don't hear about.

 

[AndyBrown]

Those are BIG $$$$$ Numbers, but the botton line it's still 10-12% profit! The Bum collecting hand outs on the street makes a higher profit margin than that! LOL

We buy the gas! How can we complain? Many years ago most of us went to the boat race with our boats in the trunk of the car.

For me it was a Honda civic hatch back. With a 67 rigger, two .21 riggers, a tool box and start box, 2 gallons of fuel and my wife! 40 MPG! Oh, and a two man backpack tent!! Those were the days!!! :lol:

Now we think we can't go boating without the SUV pulling the fully loaded 12 ft trailer!

The part that Pisses me off is that they get all kinds of government subsidies (AKA Corporate Welfare).

Paid for by Our tax dollars!!

 

[Tim Kish]

HOUSTON - Exxon Mobil Corp. on Friday posted the largest annual profit by a U.S. company - $40.6 billion - as the world's largest publicly traded oil company benefited from historic crude prices at year's end.Exxon also set a U.S. record for the biggest quarterly profit, posting net* income of $11.7 billion for the final three months of 2007, besting its own mark of $10.71 billion in the fourth quarter of 2005.

The previous record for annual profit was $39.5 billion, which Exxon Mobil reported for 2006.

The eye-popping results weren't a surprise given record prices for a barrel of oil at the end of 2007. For much of the fourth quarter, they hovered around $90 a barrel, more than 50 percent higher than a year ago.

Crude prices reached an all-time trading high of $100.09 on Jan. 3 but have fallen about 10 percent since.

The record profit for the October-December period amounted to $2.13 a share versus $1.76 a share in 2006. Year-ago net income was $10.25 billion.

Also extraordinary was Exxon Mobil's revenue, which rose 30 percent in the fourth quarter to $116.6 billion from $90 billion a year ago.

For the year, sales rose to $404.5 billion - the most ever for the Irving, Texas-based company - from the $377.64 billion it posted in 2006.

In a statement, Exxon Mobil Chairman Rex Tillerson said the company continued to meet the world's energy needs through its "globally diverse resource base."

"Our long-term investment program, in projects often far from major consuming nations, continued to provide resources essential to the increasingly interdependent global energy supply network," Tillerson said.

Exxon Mobil produces about 3 percent of the world's oil.

Its shares rose $1.45, or 1.7 percent, to $87.85 in premarket trading.

net* -this means pure bottom line profit after ALL expenses are paid.

In the time it took you to read just the opening sentence Exxon/Mobil will have made more bottom line profit than you will earn working in the next full calendar year.

Just announced- due to the ever increasing level of how badly petroleum companies are giving consumers the shaft, Exxon/Mobil will be installing hand rails & jars of KY jelly at the pumps so it doesn't hurt so bad when it comes time to fill up. <_<

And they have the balls to charge you to put air in your tires :angry:

Tim K

 

[Ron Olson]

Remember back when not only was the air free but they put it in your tires for you, filled your tank, washed your windshield, checked your oil and gave out free road maps?

Not too long ago most stations around here wouldn't take $50.00 bills, now they will as if you have a sizable tank it will cost that to top it off.

 

[Ed.R]

Use the below link and make your own fuel and bring the big oil companies to there knees. :lol: :blink:

http://www.ezbiodiesel.com/

 

[Lorenzo Martinez]

Yeap, this pisses me off too... I'm paying $3.10 + a gal for low grade.. prices are supposed to drop in the winter, what happend this year? I'm scared of what the prices will be during the summer... $4.50 gal? It's time to dust off the old bicycle and pedal to work...

I like to know, what the hell is our president doing about this? NOTHING... of course.. this is where he makes his money... :angry: :angry: :angry: :angry: :angry:

 

[Ray Sametz]

Remember back when not only was the air free but they put it in your tires for you, filled your tank, washed your windshield, checked your oil and gave out free road maps? Not too long ago most stations around here wouldn't take $50.00 bills, now they will as if you have a sizable tank it will cost that to top it off.

Ron, Where did you grow up, Mayberry :lol: :lol: :lol:

 

[Ron Olson]

Nah Ray, just old enough to remember that. Those days were going about the time that I got my drivers license. It was about insurance issues or something lke that when they did the pumping. Ww rarely see that any more but we still do have a very few that will pump gas for those handicapped people that can't. This was back when there was a gas station on almost every street corner, back when there was gas wars.

 

[Ray Sametz]

Ron, I grew up in NYC, got my drivers lic. in 1968, all the stations in the tri-state area have attendents. It's strange when I go out of state for a race and have to pump my own gas. Those were the days before locking gas caps, I carried a siphon tube in the trunk. h34r: h34r: h34r: I'm a model citizen know!!

 

[AndyBrown]

Yeap, this pisses me off too...
I like to know, what the hell is our president doing about this? NOTHING... of course.. this is where he makes his money... :angry: :angry: :angry: :angry: :angry:

BINGO !!